INCOME TAX

Rev. Rul. 99–54, page 675. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period October through De- cember 1999. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period October through December 1999.

Rev. Rul. 99–55, page 675. LIFO; price indexes; department stores. The October 1999 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, October 31, 1999.

Rev. Rul. 99–56, page 676. Timber casualty losses. The decisions in Westvaco Corp. v. United States and Weyerhaueser v. United States pertain to single, identifiable property (SIP) in relation to casualty losses. Rev. Ruls. 66–9 and 73–51 revoked.

Rev. Rul. 99–57, page 678. Applying section 1032 to partnership transaction. This ruling explains the tax consequences to a partnership and a corporate partner where the corporate partner contributes its own stock to the partnership, and the partnership later exchanges the stock with a third party in a taxable transaction.